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This study has sought to determine the effects of working capital management policies on shareholder value creation for six manufacturing firms listed at the Ghana Stock Exchange for the period of 2000–2013. Data were gathered from the annual reports of the firms and the publication of Ghana Stock Exchange. The study employed a longitudinal explanatory non-experimental research design applied to a dynamic panel Autoregressive Distributed Lags methodology framework for analysing the data. The results indicated that conservative current asset investment policies increase economic value added (EVA), whereas aggressive current asset investment policies enhance market-to-book ratio and Tobin’s Q in the long-run. On the other hand, conservative current asset financing policies enhance market-to-book ratio, Tobin’s Q, and EVA in the long-run. Thus, investors discount aggressive current assets’ financing policies. A firm pursuing an aggressive current asset investment policy should balance it with a conservative current asset financing policy to create value for its shareholders. Key words: Current asset investment policy, Current asset financing policy, Panel unit root, Panel ARDL, Shareholder value. JEL: G30, G31, G32. Uticaj politika upravljanja obrtnim kapitalom na vrednost akcionara: Dokazi iz kompanija koje se bave proizvodnjom u Gani Istraživanje je usmereno ka utvrđivanju efekata politike upravljanja obrtnim kapitalom na stvaranje vrednosti akcionara za sest proizvodnih preduzeca na Ganskoj berzi za period 2000-2013. Podaci su prikupljeni iz godisnjih izvestaja preduzeca i publikacije Ganske berze. Longitudinalni eksplicitni neeksperimentalni dizajn istraživanja je primenjen na dinamickom panelu u metodoloskom okviru autoregresivnog modela sa pomakom za analizu podataka. Rezultati su pokazali da konzervativne politike investiranja u tekucu imovinu povecavaju ekonomsku dodatu vrednost (EVA), dok agresivne politike investiranja u tekucu imovinu dugorocno povecavaju odnos tržisne i književne vrednosti preduzeca i Tobinov Q indeks. S druge strane, konzervativne politike finansiranja tekucih sredstava dugorocno poboljsavaju odnos između tržisne i književne vrednosti preduzeca, Tobinov Q indeks i EVA. Na taj nacin, investitori popuste pred agresivnim politikama finansiranja tekuce imovine. Preduzece koja vodi agresivnu politiku investiranja u tekucu imovinu trebalo bi da je u ravnoteži sa konzervativnom politikom finansiranja tekucih sredstava kako bi stvorilo vrednost za svoje akcionare. Kljucne reci: Trenutna politika ulaganja u imovinu, trenutna politika finansiranja imovine, panel jedinicni koren, ARDL panela, vrednost akcionara.

Effects of working capital management policies on shareholders’ value: Evidence from listed manufacturing firms in Ghana